Reverse Mortgage Appraisal Value Evaluation
About Client: The client is a full-spectrum e-Discovery and litigation support services company with strategic commercial partnerships.
Challenge: The client presented Kensium BPO with a vast spreadsheet detailing supporting data and financial figures for 2,346 reverse mortgages. The end client’s staff had compiled the information over a period of months, but an internal audit revealed that approximately 10% of the entries were incorrect. Accuracy of the spreadsheet was critical for providing a snapshot on compliance of the loans so Kensium was tasked with performing a 100% quality check of all entries. Each loan file contained more than 50 documents from which over 100 distinct data points needed to be individually verified.
Multiple values from HUD Claim forms detailing property expenses incurred by the borrower were to be indexed and calculated based on the type of Claim. In addition to validating the accuracy of the information in the checklist and supplementing data as necessary, the Mortgage Processing team was also responsible for reviewing all supporting documentation and sequencing multiple Appraisals in chronological order.
Solution: Kensium’s outsourcing mortgage processing team created a master database with appraisal dates and property values for all documents related to the 2,346 loan files. Custom calculation sheets were developed for capturing figures from each of the various HUD Claim forms to ensure the accuracy of the Appraisal value. The coding team reviewed the claim forms gathering the necessary figures to yield correct calculations. Senior Quality Auditors followed closely behind the indexing team to make final checks and key completed data into the client’s final spreadsheet.
Results: By developing secondary data tracking documentation and distributing tasks to specialized teams, Kensium BPO’s Mortgage Processing division was able to deliver an accurate final product. In response to shifting requirements, a rolling delivery schedule was facilitated allowing the lender to review partial results while the balance was completed. Deadline compliance and accuracy assurance by trained and certified Mortgage processing professionals at a fraction of the cost of domestic resources; this is the Kensium difference.
About Us: Kensium BPO is an end-to-end global solutions provider of IT and Knowledge Process Outsourcing services.
Our business objectives are to:
- Offer substantial cost-savings to budget conscious firms.
- Provide a superior customer experience.
- Provide scalable solutions to complex requirements.
Kensium's focus lies in its core values of Knowledge, Efficiency, Dedication and Innovation. Partnering with us allows our clients to focus on their core strengths.